India's GDP to grow at 5.6 percent in 2014-15

India’s economic growth is likely to accelerate 5.6 percent in 2014-15 from the projected growth of less than five percent in the current fiscal ending March, according to economic think-tank NCAER.

For the current financial year the country’s gross domestic product (GDP) growth is expected to remain in the range of 4.7 to 4.9 percent, the National Council of Applied Economic Research (NCAER) said in a report.

Industry growth is likely to accelerate to 3.8 percent in the financial year beginning April 1, 2014 from the projected 1.6 percent expansion in 2013-14.

“Services sector has not been immune from the overall slowdown. However Services exports may prove an exception mainly due to expected growth in demand of IT services in the West. In 2014-15, the services sector growth is projected at 5.6 percent,” the NCAER said.

The wholesale price index (WPI) inflation is expected to remain at 6.2 percent in the current fiscal and ease marginally to 6 percent next fiscal, it said.